NFIB Weekly News
Leading the News
NEW EXPLAINER VIDEO: How The 20% Small Business Tax Deduction Affects Main Street (12/11/2024)
WASHINGTON, D.C. (Dec. 11, 2024) – The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, released a new video explaining how the expiring 20% Small Business Tax Deduction works and the positive effects if Congress makes it permanent by passing the Main Street Tax Certainty Act. The video explains how this crucial deduction helps Main Street and levels the playing field between small businesses and their large corporate competitors.
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Small Business Optimism Jumps Above 50-year Average in November (12/10/2024)
WASHINGTON, D.C. (Dec. 10, 2024) – The NFIB Small Business Optimism Index rose by eight points in November to 101.7, after 34 months of remaining below the 50-year average of 98. This is the highest reading since June 2021. Of the 10 Optimism Index components, nine increased, none decreased, and one was unchanged. Following last month’s record high of 110, the Uncertainty Index declined 12 points in November to 98.
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NFIB Statement on Updated IRS Threshold Reporting Requirement (12/02/2024)
WASHINGTON, D.C. (Dec. 2, 2024) – The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, released the following statement regarding the recent IRS announcement that they will set the threshold for Form 1099-K reporting requirements for annual transactions in 2024 at $5,000, but still plan to mandate the $2,500 threshold in 2025 and the burdensome $600 threshold in 2026 for online platforms like eBay, PayPal, Etsy, Venmo, and CashApp.
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NFIB Urges Congress to Proactively Provide Relief to Small Businesses (11/20/2024)
WASHINGTON, D.C. (Nov. 20, 2024) – The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, sent a letter to congressional leaders to request that Congress prioritize legislation in the lame-duck period that will provide immediate relief to small businesses nationwide.
“Small business uncertainty is at an all time high, and much of this stems from the fact that there is a looming tax hike on over 30 million small businesses in just over one year,” said NFIB Vice President of Federal Government Relations Jeff Brabant. “With the 20% small business deduction scheduled to expire, and burdensome beneficial ownership reporting requirements just around the corner, now is the time for Congress to proactively address the key issues impacting Main Street and prioritize legislation to help American small businesses grow, invest, and flourish.”
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NFIB Files Lawsuit Against FTC’s Onerous Automatic Renewal Rule (11/06/2024)
WASHINGTON, D.C. (Nov. 6, 2024) – NFIB filed a legal challenge against a recent rule from the Federal Trade Commission (FTC), which targets businesses that engage in automatic renewals of subscriptions or memberships. NFIB filed a petition for review of the FTC’s rule in the United States Court of Appeals for the Sixth Circuit arguing that the Court should strike down the rule. NFIB filed the challenge with the Michigan Press Association.
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SBA Launches Disaster Assistance for Businesses Impacted by Tropical Storm Helene (10/22/2024)
Low-interest disaster loans from the U.S. Small Business Administration (SBA) are available to businesses and residents following the announcement of a presidential disaster declaration for Tropical Storm Helene that began on Sept. 25.
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Business Climate
NFIB Jobs Report: Small Business Labor Costs Rise in November (12/05/2024)
WASHINGTON, D.C. (Dec. 5, 2024) – NFIB’s November jobs report found that 36% (seasonally adjusted) of small business owners reported job openings they could not fill in November, up one point from October. Labor costs reported as the single most important problem for business owners rose three points to 11%, only two points below the highest reading of 13% reached in December 2021.
“As the overall job market softens, hiring among small businesses remains a struggle,” said NFIB Chief Economist Bill Dunkelberg. “Main Street owners continue to feel pressure to raise compensation at historically high levels to attract and retain workers.”
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NFIB’s lawsuit challenged the Corporate Transparency Act and beneficial ownership reporting requirements (12/03/2024)
WASHINGTON, D.C. (Dec. 3, 2024) – The National Federation of Independent Business (NFIB) applauds today’s decision in the case Texas Top Cop Shop, Inc., et al. v. Garland, et al. at the U.S. District Court for the Eastern District of Texas. The Court granted NFIB’s request for a preliminary injunction, blocking the U.S. Department of Treasury from enforcing the Corporate Transparency Act’s (CTA) beneficial ownership information (BOI) reporting requirements.
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Report Details the Deep Community Involvement of Small Businesses (11/21/2024)
SALEM, Ore., Nov. 21, 2024—The involvement of small businesses with their communities goes much deeper than just being the economic engine of a city or town, according to new research released this week by the nation’s largest small business association.
“This report might come as a surprise to some, but not for us at NFIB,” said Anthony Smith, Oregon state director for the National Federation of Independent Business (NFIB), whose Research Center produced the report. “It confirms with good data what we already knew about small business owners in our local communities, across the state, and nationwide—they are incredibly generous with their time and resources.
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NEW Small Businesses’ Contributions Shape Their Communities (11/18/2024)
WASHINGTON, D.C. (Nov. 18, 2024) – The National Federation of Independent Business (NFIB) released its 2024 Small Businesses’ Contribution to the Community report. The report is based on a nationwide survey of small business owners, providing insight into how and why small businesses contribute to their communities.
“Small businesses contribute to the community in a variety of ways including donating time, financial support, and making in-kind contributions in addition to providing jobs,”?said Holly Wade, Executive Director of the NFIB Research Center. “This report offers unique insight into the ways in which small businesses and their employees benefit local communities across the country, beyond operating their business. Despite facing economic challenges, small businesses are working hard to shape and enrich their communities.”
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NEW NFIB SURVEY: Small Business Optimism on the Rise in October (11/12/2024)
WASHINGTON, D.C. (Nov. 12, 2024) – The NFIB Small Business Optimism Index rose by 2.2 points in October to 93.7. This is the 34th consecutive month below the 50-year average of 98. The Uncertainty Index rose seven points to 110, the highest reading recorded. A seasonally adjusted net negative 20% of small business owners reported higher nominal sales in the past three months, the lowest reading since July 2020.
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NFIB State Director Writes About Importance of the 20% Small Business Deduction (10/15/2024)
NFIB State Director Leah Long’s guest editorial on the need for Congress to save the 20 percent federal tax deduction for small businesses ran today in the Clarion Ledger.
The deduction passed in 2017 but is scheduled to expire in 2025.
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Wages and Benefits
Small Business Lawsuit Stops Onerous Overtime Threshold Rule (11/15/2024)
WASHINGTON, D.C. (Nov. 15, 2024) – Today’s decision by the U.S. District Court for the Eastern District of Texas in the case Plano Chamber of Commerce, et al v. DOL is a tremendous win for small businesses. The lawsuit challenged the Department of Labor’s (DOL) overtime rule increasing the minimum salary threshold for exempt employees under the Fair Labor Standards Act’s (FLSA) executive, administrative, or professional exemption (EAP exemption). The Court determined that the rule, which went into effect in July of this year, exceeded the DOL’s statutory authority and should be vacated.
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Small Businesses Seek Reconsideration of DOL Overtime Authority (11/04/2024)
WASHINGTON, D.C. (Nov. 4, 2024) – NFIB filed an amicus brief in the case Robert Mayfield v. U.S. Department of Labor urging the United States Court of Appeals for the Fifth Circuit to grant en banc review of a three-judge panel decision concerning the Fair Labor Standards Act (FLSA) and its exemption from overtime pay requirements for “executive, administrative, or professional” employees (EAP exemption). This case questions whether the Department of Labor’s authority on the EAP exemption allows it to impose a salary threshold test to determine if an employee qualifies for the exemption.
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NFIB Jobs Report: Small Business Employment Remains Stable in October (10/31/2024)
WASHINGTON, D.C. (Oct. 31, 2024) – NFIB’s October jobs report found that 35% (seasonally adjusted) of small business owners reported job openings they could not fill in October, up one point from September’s lowest reading since January 2021. The percent of small business owners reporting labor quality as their top operating problem rose three points from September to 20%.
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NFIB Testifies on Employer-Sponsored Health Benefits Before U.S. House Education and the Workforce Subcommittee (09/11/2024)
NFIB’s Holly Wade spoke on the value of employer-provided health coverage for Main Street businesses and the U.S. economy, as well as the burden of rising costs on small businesses
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NFIB Jobs Report: Main Street Job Growth Stalls in August (09/06/2024)
ALBANY, NY (Sept. 6, 2024) – NFIB’s August jobs report found that 40% (seasonally adjusted) of small business owners reported job openings they could not fill in August, up two points from July. Labor quality as the top small business operating problem rose two points from July to 21%, the highest level reported since January of this year.
Read the report here
NFIB Jobs Report: Main Street Compensation Plans Fall As Labor Costs Grow (08/01/2024)
WASHINGTON, D.C. (Aug. 1, 2024) – NFIB’s July jobs report found a seasonally adjusted net 33% of small business owners reported raising compensation in July, down five points from last month and the lowest reading since April 2021. A net 18% (seasonally adjusted) plan to raise compensation in the next three months, down four points from June.
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